PBR<1 改革対象企業
Roughly 40% of Tokyo Stock Exchange Prime Market companies still trade below 1.0× book value — a figure that would be scandalous on Wall Street but represents a genuine, durable opportunity for patient dividend investors willing to parse the Japanese-language disclosure lists that most English-language analysts simply ignore. Investment Thesis Author’s View: Constructive | Fair … Read more
I’ve been watching the JPX monitoring list update every month since it launched in 2023, and what strikes me — sitting here in Tokyo where this story gets covered daily in Nikkei and Toyo Keizai — is how badly the English-language financial press has underestimated the 2026 enforcement cycle; the March 2026 compliance review is … Read more
I’ve been running a Japan factor screen every quarter since 2019, and the 2026 edition feels different — the TSE’s cost-of-capital pressure campaign is finally showing up in actual capital allocation decisions, not just glossy IR PDFs, and I’ve been tracking that shift through Japanese-language disclosure portals that most English-only analysts haven’t touched. Investment Thesis … Read more
I’ve been watching MS&AD’s Japanese-language IR releases more closely than usual this spring — the May 20 earnings drop included a Management Plan document that English-language aggregators summarized in two paragraphs, but the Japanese original runs to dozens of slides detailing exactly how ¥787 billion in net income gets recycled back to shareholders. That gap … Read more
I’ve been watching the TSE governance reform story from Tokyo since the March 2023 disclosure mandate dropped, and what strikes me most is how differently the story reads when you pull the actual Japanese-language filings versus the headline summaries that reach English-language investors — the gap between “companies are complying” and “companies are genuinely changing” … Read more
Disclosure: This article contains affiliate links to TradingView. We may earn a commission at no extra cost to you. Forty percent. That is the share of TSE Prime constituents still trading below book value as of early 2025 — and most English-language coverage has reduced this structural opportunity to a single recycled headline. The actual … Read more
